Posts Tagged ‘Build credit to finance a laptop’

Building Credit To Finance A Laptop

Building credit to finance a laptop should not be a very difficult task for you if you know how to proceed with the right strategies. You need to have a very careful and consistent approach toward it. The easiest way to do this is by using a departmental store credit card, which is very easy to qualify for. There are many stores out there in the market that sell laptops and accept payments from a departmental store credit card. The credit approval policies related to these types of cards are very liberal ones. However, the only drawback of this option is that it charges a comparatively very high rate of interest, which is usually in the range of 21 and 33% per annum. The good thing is that it can help you not just to buy a laptop but also to build your credit. Following is a brief rundown on it.

Apply For It

When it comes to building credit to finance a laptop, the first thing you have to do is to apply for a departmental store credit card. There are certain minimum eligibility criteria that you must meet, such as you must be a US citizen, you must be at least 18 years old, you must have a job or a regular source of income, and that your monthly expenses must not be more than 50% of what you earn. You have a couple of options to apply for the card. You can apply for it through phone or through Internet. You need to provide some basic information about you in the application form, such as whether you share the rent of your apartment with someone else, whether you have your own home, how long you have been living at your current residential address, your social security number, and your name and contact details (phone number, email, and residential address). You will also notice a section in the application form where you have to specify whether you want the financial activities related to that card be reported to the three major credit reporting agencies (Equifax, Experian, and TransUnion). Make sure you opt for it. If your timely payment is not reported promptly to the credit bureaus, you will not be able to use this card to build your credit worthiness.

Review The Credit Limit

When it comes to building credit to finance a laptop, the next thing you have to do is to review the credit limit offered to you on the card thoroughly – obviously after your application is approved. Even if the initial credit limit is a very low amount, it should be high enough to cover the cost of your laptop. But, here, it is very important for you to understand that using the maximum limit on your card is not a good idea if you want to improve your credit situation. A good rule of thumb is to use only 40% of the maximum limit offered to you. Therefore, even if the maximum limit is several thousand dollars, make sure you do not spend more than 40% of it. If that much amount is not sufficient enough to make the purchased of a laptop, you should consider using some cash (from others sources) for the extra money needed.

Last, but not the least, make sure that you pay off the monthly balances on your departmental store credit card in full every month if you are serious about building credit to finance a laptop.


Custom Search
Bankruptcy

Basic Things You Must Know About Bankruptcy Dismissal

When you file a petition for bankruptcy and the court rejects your petition on certain grounds, it is legally termed as bankruptcy dismissal. Dismissal means your case is officially closed and that the court will make no further rulings on your case. Some of the most common reasons why a petition is...

Bankruptcy
Credit Repair

Building Credit With No Credit

When it comes to building credit with no credit, there are several online canadian pharmacy factors that you need to take into account. Just because you do not have any credit history at present, it does not mean you will never have one. No one is born with a readymade credit history. You have to gi...

Credit Repair

A Loan To Defeat All Loans Debt Relief Loan
Payday loans fax-free payday loans and instant online payday loans are everywhere be it on the Internet newspapers or television. Today when the economy is in turmoil these loans look like the saving gra... Read more

Tips On How To Consolidate Payday Loan Debt
You may need to consolidate payday loan debt when you are caught in the middle of a financial crisis arising out of your inability to repay multiple loans. Debt consolidation loan allows you to consolidate all... Read more

Do Not Put Up With Debt Collectors Harassment
There was an emergency and the need arose to take a payday loan. It seemed to be the fastest and the best option available then. However now the debt collectors harassment is horrendous. The fact that using t... Read more

Consolidate Payday Advances To Save Yourself
Payday advances are loans taken against a persons paycheck. They have a way of digging into your paycheck month after month. They usually have exorbitant interest rates though the sites offering the services... Read more

Can I Consolidate Payday Loans
Can I consolidate payday loans is a question you are sure to ask yourself when faced with a trying financial situation. When payment of loans becomes difficult it is possible to consolidate and replace many... Read more

What are the pros and cons of debt consolidation?